Generative Value

Q4 ‘25 Cloud Update (What’s going on with software?)

And what does it mean for the hyperscalers?

Feb 9 • Eric Flaningam

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7

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January 2026

2025 Annual Letter

An Estimation of Underestimations

Jan 4 • Eric Flaningam

37

6

5

November 2025

Thoughts on the Hyperscalers (Q3 '25 Update)

A shifting value chain (OpenAI and Anthropic gaining importance) and what it means for the cloud providers; also market share, CapEx, and revenue growth…

Nov 6, 2025 • Eric Flaningam

60

4

7

August 2025

Open Source Business Models: Notes on Profiting from Free Software

How open source companies have historically captured value, commoditizing your complement, and value creation vs value capture.

Aug 26, 2025 • Eric Flaningam

52

2

10

Free Software & The Future of Software Business Models

How do you build sustainable business models in the age of AI-generated code?

Aug 10, 2025 • Eric Flaningam

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7

18

Q2 ‘25 Cloud Update: CapEx Keeps Rising!

Market Share, CapEx, Why Azure's Taking Share, and Why AI Isn't Shaping up like SaaS

Aug 4, 2025 • Eric Flaningam

53

11

9

July 2025

The AI & Healthcare Opportunity

Part Two of How AI Can Help Improve the US Healthcare System

Jul 20, 2025 • Eric Flaningam

79

10

11

Where do Tech Returns Come From?

An Analysis of 30 Years of Tech Returns, Value Accretion, Lessons, and What it Means Moving Forward

Jul 8, 2025 • Eric Flaningam

142

13

36

June 2025

Meta's AI Strategy

Zuck’s Vision and Why Meta’s Spending so Much on Talent

Jun 24, 2025 • Eric Flaningam

60

4

6

Toast: A Recipe for Building a System of Record

A Deep Dive on the Vertical Software Company & Lessons on Building AI Companies Today

Jun 16, 2025 • Eric Flaningam

47

7

8

A Primer on US Healthcare

Value Chain, History, Incentives (why is everything so expensive?), and AI's Case for Market Expansion

Jun 2, 2025 • Eric Flaningam

125

11

25

May 2025

TSMC: The Index on Technology

A deep dive on TSMC: How TSMC disrupted the semiconductor industry, its current state, and its path ahead.

May 19, 2025 • Eric Flaningam

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